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tv   Your World With Neil Cavuto  FOX News  February 1, 2010 4:00pm-5:00pm EST

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why did he have a gun? unsure about that. what an hour. thanks for checking in. cavuto is coming up right now. >> thank you. ready, set, hike. welcome, i'm neil cavuto. forget the super bowl, the president going long today offering a budget super big, really big. record super budget bowl big. likely a $1.6 trillion deficit this year but getting better thanks to cuts totaling more than a trillion dollars. a lot more taxing than cutting to get to the better numbers. what the heck is going on? douglas, it's staggering a lot of the savings over the years, the future years, are born by the super rich paying a super tax bill.
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that's 90% of how you get there, what do you make of that? >> it's a big tax budget. the first place, if you look at 2020, ten years out, we're raising in this budget 19.6 of national income, an extra 300 odd billion dollars every year. if you look at the tables included in the budget and add up tax increases, tax increases, subtract cuts, up 1.$2 trillion in new taxes. >> they counter by saying we're focuses on the $250,000 and over crowd. when you tax them, the numbers are big. so douglas's math skews that point. raising the income tax on the top two levels will get $678 billion, the treasury hopes, over ten years, taking
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way benefits, charitable deductions or cutting them down, close to $300 billion. bank fees, another $90 billion. there you go. those are your savings. >> this is not a. >> reporter: for fast economic growth or solving budget problems. you have to ask why do this if even after you do, run a trillion dollars deficit ten years from now. >> not that i would have been happy with the tax hikes on any group of people, but i might have been more okay with it if there was serious effort to cut spending. this is chump change, 220 to $250 billion over ten years and a multitrillion dollars budget each year doesn't seem very serious. >> i don't think this is a serious effort to come to grips with the spending problem.
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they're touting the freeze and saying if we get this freeze for ten years, it would add up to $250 billion. there's no guarantee you'll get that. it's done each year and they want to point to the healthcare bills and say while save $150 billion. that's been widely dis credit and if you go to the table and add up the cuts in, quote, mandatory spending, things that stick, it is under $50 billion. i calculated $28 billion in spending reductions, not enough to make a dent. >> but the title seems realistic. this year it's just budget. that's not too bad. >> well, i think this is indicative of the problem. the words are what get attention but the substance is not there. >> neil: all right, douglas, very good seeing you. >> a man who used to run the congressional budget office so he knows a thing about numbers. >> if you were making a
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household budget would you assume your salary will double, your spouse will get a huge raise and promotion and keep your house and it increases. the next guest says that is how the white house is handling this budget with rosy assumptions. this guy is like the steven king of finance. master your debt. very good to have you. >> nice to be with you. >> you think the projections are off the charts generous. >> very rosy. >> very rosy. the proverbial. so one is just taking a look at the unemployment rate coming down to under 5%. >> that's incredibly rosy. we are at 10% with the current situation. i don't see job creation going on. with the tax on bankers, which makes the credit market tied
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tighter, all these things do not accurate jobs, to get to 5% unemployment is not going to happen. >> when i looked at the gdp assumption, a gauge as how much they assume the economy will grow, it seems generous given the deficits and a lot of things could hit the fan but we stress this because if the underlying assumption is right, you'll have more generous revenue. >> a huge difference in the gdp, what kind of revenues you get. last year revenues plummeted for the federal government because they didn't assume this was going to happen. the capital gains rate will go up. if nothing changes, it will go 15% to 20%. they say this will bring more ref announcement chances are it will bring less because people will take less capital gains. >> so they'll settle now.
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>> take the inflation rate. everyone is worried the borrowing is going to lead to double digit inflakes. but to look at the forecast you couldn't see it. >> no, we're devaluing our currency. gold is up to $1,100 and will go higher. the world is saying we don't trust your dollars, we're seeing it in commodities and gold. >> the other flip argument for that and argued in the bush administration, same worries, same deficit, obviously built up, but the deficits themselves lead to sustained no growth. if you worry about inflation, it won't happen because it's so croppy. >> when you have this amount of money, we just raised the national debt ceiling to 14.3
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trillion. >> it's like waiting -- you're right. are you surprised is hasn't happened? >> the chinese and rest of the world supported our deficit and we had 3, 3 1/2% on long treasuries. if we have interest rates going up on debts, that could add a lot. a lot of people say what can i do with myself personally. i think they should take control of the situation. there are ways in the new book you showed, master your debt, ii have a strategy called mortgage equity acceleration where you pay your mortgage off in 5 to 7 years instead of 30 with no increase in payment. a website, truth in there are things people can do. >> i like you just snuck the book title in, the website, the whole nine yards. >> jordan, thank you very much. >> all this on the same day we
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found out the personal savings rate hit a 6 month high. the next guest says the president should learn from taxpayers. also, troy roberts a registered republican tea party active visits. do you think the government will be wise to heed what we're doing? >> absolutely. if i knew how to adhere to a budget, the federal government should know how to adhere to a budget. >> all right. the argument against that is that these are different times and the government has to do more spending to incentivize to goose things. what do you think? >> well, neil. >> i want to get to tray on that. go ahead. >> i was going to say i don't know that's been a proven strategy that's worked. we have history that shows at the time of the depression is kept us worse off financially than we were had we not spent so the add age of spend spend, i
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don't know that works. we've seen more growth under more reaganomics. >> not to get into a wonky discussion, not tray that tray intended that but there's an argument and one the administration fears and others fear of repeating the remembers we might have made in 1937 when we started getting deserved about the -- concerned about the money we were spending. we pulled the lever back and dealt with a serious recession on top of coming out of a depression. >> i don't think we have to shut down spending completely but i think we have to have politicians who are honest and do what is necessary to reign in some of the out of control spending. if i can adhere to a budget and know that i can't max out my credit cards if i want to control spending, then the government should know that too. i see a lot of waste in government that wouldn't be
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acceptable in my household. >> neil: nevertheless, it's acceptable in the budgets and they go back to republican and democratic administrations. this isn't new, the pie in the sky thinking, a lot contingent on wishful numbers, tray, do you think this is built on just information that won't pan out? >> yeah, i really do. i really think that like i believe it was in bloomberg, it's a rosy scenario. it's not something that's actually based on the numbers, the trend don't point the way the white house reports and that's a disconnect. the american people, which is why the tea party movement is so huge, the american families are trying to tighten their belt and the federal government is expanding at the same time we're cutting back. >> and it's clear president obama really doesn't have his finger on the pulse of the american people when he has to say he needs to explain himself
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because we don't understand what's going on. i think that they need to realize that myself as a democrat and other democrats across the country know what's going on and we don't like what we see. >> neil: they say -- the administration leading democrats that the numbers will go our way. we're starting to see that in factory numbers coming up. manufacturing, one of the reasons the dow was up. the economy will surprise you. the uptick via their spending will surprise you and make you doubting thomases or trays and donnas, what do you make of that? >> free market capitalism is a powerful engine. it will try to work and try to grow the american economy in spite of policies. the ingenuity of the american people, they'll try their best to make the economy grow in spite of policies that are given forth by the government. >> i look work for a small
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businessman and the obama administration says his policies are going to help small business. well, i don't believe that. my owner, my boss, is concerned and i'm concerned for my job. i'm a low income service worker. i don't see any raises for me in the future. i see me working harder with less employees and my money's going to go out the door. >> neil: particularly if your boss is an obama supporter. this might not have been a wise appearance four. thank you both very much. >> thank you. >> if it's monday, it must be bash bush day. actually any day is bash bush day. are you getting tired of it? i want you to meet the guy who can't get enough of it. eating healthy is important,
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but only vegetables can give you vegetable nutrition. one of these will get you more than half way to your five daily servings. v8. what's your number?
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here we go again. >> our government is deeply in debt after what can only be described as a decade of provely gate. ten years ago we had a budget
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surplus of more than $200 billion with projected surpluses stretching toward the horizon. over the course of the past continue years previous congresses created a he can pensive drug program, passed massive tax cuts for the wealthy and funded two wars without paying for it. >> still blaming that evil bush. the president's comment 16 seconds into the budget announcements. richard, one of my most favorite folks on the left. you say keep at it, right? >> you know, repetition is the name of the game in politics and i tip my hat to president obama not -- it's not finger pointing. >> yes, it is. >> i heard -- no no. it's no more finger pointing than for ronald reagan to talk about the crumby economy and hyperinflation from jim i can't
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carter. >> richard this guy does it in every speech. at what point does it become his economy and deficit? >> here's what he's trying to do. he's trying to keep the country from engauging in a case of amnesia. only if he reminds people, only if the president says it over and over again will people know. let me give you one illustration, the stimulus had the single biggest middle class tax cut ever. i guarantee you -- >> neil: what did we get for it? >> well, what we got was going from negative 6% growth to positive 6% growth. unemployment is a lagging indicator. >> neil: wasn't neck having to do with cycling the out. >> neil, with all due respect read the press as the stock
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market tanked between late '08 and early '09. the forecast was we would pull out of the recession by the middle of 2010. we pulled out by the summer of 2009. >> we lost more than 2 million additional jobs, so i guess we could have created or saved some. all i'm saying is there has to be a point at which you claim the responsibility for the economy. three years from now, assuming he's running for reelection, will he still blame his predecease summer. >> with all due. >> reporter: fdr did that and won in a landslide. >> i don't know what he did. unlike you i'm not that old. i'm kidding. but there comes a point when you as a leader stop blaming others. john kennedy could have blamed
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eisenhower but he said i got this, i'm the got. his poll numbers went up the next day. >> yeah, eisenhower didn't call for us to go into the bay of pigs. he's not blaming president bush in particular. >> yes he is. >> he's saying here's the hand we were tell the. what he had to the republicansfully is we would have had $8 trillion in deficit over the coming year based on president bush's forecast. >> if you're going to do this, where do you end it? you could say as the former president could say, well i had this internet bubble bursting ten years ago this very month, by the way and i had another item called 9/11 and these are things that happened under my watch. but that's all glossed over in this great, you know, sort of debate as to who claims what and that bush's all bad. i'm not an and an aa.
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>> you know this isn't fair or right and glossing over it is implosion of the internet and what it meant to the stock market misses a couple key points. it isn't fair, it isn't right and moralely reprehensible. >> what is reprehensible is pounding the notion this president is doing something off the charts when in fact -- >> neil: richard, it would be like me saying it's not what i'm eating, it's a thyroid condition. people will say, will you stop it. >> during it is '08 campaign john mccain asked what you would do about the deficit, he had cut medicare and social security. >> now you're all over the map but you're brilliant and i love you. >> i'm reminding people of what the facts are. >> you're loosey-goosey with the facts. >> fine.
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>> if tax hikes in the budget don't kill jobs, something this guy's talking up will. are you receiving a payout from a legal settlement
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a the unions are talking just not to us. >> we'll get healthcare done and labor law reform before the year is out. >> well, afl-cio chief speaking with cnn on sunday not making time for us despite all of our calls, all of your calls asking why that is. we're not going to stop asking. we're begging. we're about the begging part but not so much we don't ask. if you want to inquire as to why fox is left out when the unions have some answering to do i want you to feel free to get your fingers dialing with the number
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on the bottom of the screen that will stay up throughout the segment. what is big labor bigwig know that we do not know? he sounded confident that car check will become law and our guest says if this guy gets in, everyone's job will be this and everyone's job will be in danger. danny, what do you make of what this guy's arguing, saying that this is the way to go? >> well, what richard trump is speaking to is craig becker, nominee to the national labor relation board a lower to the aflcio. someone to believes employers and employees should have zero say and represents plan b for the employee force choice act
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through the u.s. senate particularly now that scott the senate particularly now that scott brown has been elected. democrats oppose the legislation -- we attempted to call more becker and the calls were not returned. what did you -- that is a surprise, i know -- what do you make, then, of what this guy's message will be and how he will circumvent things? >> what he will try to do is work through administration, bypassing the legislature and work through the executive branch. he is not held accountable to voters and there are no consequences for his actions. he will reward the afl-cio by norpting elements of the employee force chores act through the nlrb and the message this sends to small business, do not hire or increase services or purchase equipment. this administration, this government, is working against you. that is exactly what craig becker represents. it's the opposite of what the
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president talked about in the state of the union last week. >> but this is after massachusetts where a lot of folks repudiate bill health care and part of that health care problem was the concern that maybe yiewbs were overly benefiting and escape the cadillac tax insurance plan, the cost for that, and they would get other favored treatment. you would think the administration would pay attention to what happened this mass has but that does not does not appear to be the case. >> you would think so. the real issue is this, they're rushing him through a the economy and there's -- committee and there's a concern they'll try to get a vote on craig backer to use back room deals and rush him through the process and remove or usurp the authority and will of massachusetts voters. that's a threat here. this guy gets on the nlrb and
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the leeway to right regulations that work against small businesses, hurt job creation. we know this legislation will cost us 600,000 jobs in the first year. there is a concern here on the part of small businesses that the nation's top job creator will be negatively impacted. >> becker comes up, the vote comes up for the nlrb i believe on thursday, the day that scott brown takes his seat. >> the hearing is on tuesday and the markup is on thursday. >> thank you very much. >> enough to make a baker barf. the best cake is in the showcase but cannot give you the whole thing. someone else has dibs on it. we could not get that guy stealing the cake but we got the baker and he said that this is bull. >> somewhere
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>> we are always wondering how to bring a complicated story home to you. here is how i see the president's budget in terms of food. say your local baker offers you a 3.8 trillion cake, say, red velvet cake. bear with me, i have a point. then you go to take the cake but not all of it is there. it turns out the baker forget to mention a third of it, or more, will pay for the money that he
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borrowed to make the cake. now, the baker could not run a businesslike that. that is how our government is running our country. and one of the owners of a bakery says it has to stop. what bugs me about robert, is his family is in the business and he does not eat the product but you get the analogy. good to have you. >> thank you for having me. neil: so getting to the cake, i am thinking, if you gave the half of one half of a cake to people they would not want it. they watch the full cake. >> robert: my customers would throw it back. we give their money's worth and that is what they expect. you got to give the people what they expect. american public is not stupid. they budget, too. >> neil: and the cake is red so that indicates the deficit.
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for a baker appearance is everything and the "sell" is everything. the govern cake, better than what you could have if they did not do a lot of things they are doing in the bakery. >> and marie said "let them eat cake," and i say "let them eat the whole cake." >> neil: we are getting taxed like crazy and we have to sharpen our pencils where we are, keep our business, and buy raise prices. we want to keep things right. >> neil: do you gyp on ingredients? one egg instead of two eggs? >> robert: we have to stick to the true recipe. they did not have that stuff in 1894. you have to stick to the recipe. me know right away and our customers are loyal and tell us all the time, please, don't go. don't go.
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>> neil: you bucked a trend making these and other fine products. when a lot of bakeries are closing left and right and you have a big business with how many people? >> robert robert: 55 and 10 or 15 more during the holiday. >> neil: and doing great? this cake is new? >> robert: we do traditional, the canoli, the old-style cake, and i brought you something special. this is a special outtake of what people have been asking so we change with their taste. we listen to the people. >> neil: in your business, the president says 95 percent of the people do not have to worry of taxes go up and they get a tax break. you are a small business guy. how does it affect you? >> robert: it will affect us. we have to --.
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>> neil: will you pay more? >> robert: if we have to. this is new york. that is a given. >> they will nil but small businesses will be taxed at a higher rate. are you in that club? >> robert: we are--yes, we are a little bit more than that. >> neil: you might have to cut back on stuff. >> robert: we want to do the right thing for employees but the bottom line, where do you stop? there is a lot of tax ation. the city is one of the -- it is noted and it seems like washington, dc forgets it. >> neil: you do not think this is a friend of small business. >> robert: he says $3,000 per employee but i don't think that is enough to spread around in the long term if you keep the employees around. supposedly giving them higher
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taxes. >> neil: and you want do buy the whole cake, not a slice, and the whole canoli. good to talk about this, robert, and the crew is not getting this cake. >> robert: you will have to deal with that. >> neil: thank you very much. you want to grow that pie or cake, sweeten the incentive to go to the bakery and spend. a republican congressman says the best way to do that is make sure everyone has the money to spend. this congressman running for obama's old seat wants to extend all the bush tax cuts including the ones on the rich which the president wants to end. congressman, how does it stand now with the budget? the budget has $1 trillion deficit, as far as the eye can see, enormous tax increases. i think it imer ills the --
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imperils the long-term debt. >> the banker says he would be directly impacted by some of the tax hikes. he is not cutting back in the cakes and pies and he could have to look at other business adjustments because he will pay more out. but we hear from washington, dc, he is an exception, not the rule. what is the truth? we are seeing a number of taxes go up across the board. obviously, there are estate taxes looking like they will go up. the president has a brand new bank tax. one of the first things that small businesses will tell you is that it is tough to get loans now from banks. i don't know how a bank tax helps. a new tax on fossil fuel. overall, 2009 and 2019 the administration will borrow $14 trillion. who do we borrow that money from? it looks like it is irresponsible and poses an increased risk on our economic
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future. >> neil: thank you very much, congressman. you bet. >> neil: you heard from those at toyota and now meet the top gun trying to fix the cars as toyota, the guy putting the pedal to the metal making sure the pedal does not go to the the pedal does not go to the metal unless you want it to. charlie:hat's how you do it son. vo: geico. 15 minutes could save you 15% or more on car insurance.
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>> neil: toyota has figured how to repair all of the accelerators in millions of the cars but it will not come easy or cheap. it means reinforcing the entire pedal. so it has to specially train the technicians how to do it. and now toyota's top guy in the united states. good to have you. where does it stand right now? this is pretty involved. >> the good news is we quickly this this case determined what the situation was. developed a fix. and that fix is now being shipped to dealers. dealers will receive the precision pieces starting
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tuesday or wednesday. we expect them to have them installing in the cars by thursday or friday. >> neil: a lot of the folks will say they have not been able to drive and have had to rent a car. do you pay them? >> not necessarily. if they have had an issue where they have had a pedal start to stick, we have brought the cars back to the dealerships and put them in rental cars. this sticking pedal is very rare. it comes on overtime. not something that one day you get in the car and you have a throttle that sticks. it could be slow to respond. to come back. but it may start to be sticky or rough. >> neil: it started with the floor mat being questioned that it blocked the pedal. but then it grew into this. this is a totally separate situation. both can result in a car
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accelerating wren a customer does not want it. there are serious safety issues we are addressing. this is a different situation. very, very rare. both are rare. >> neil: there were fatalities and you addressed them after the fatalities but was there a serious enough issue it warranted shelving half the fleet or stopping it, to address this? it had to be bad. >> we felt it was a safety issue. so we felt it was important --. >> neil: at what point? >> we investigated this first in october. to not confuse the two recall issues, the entrapped floor mats have had accidents, injuries and deaths. this has not. >> neil: this was discovered post floor mat? >> yes. in october we had three vehicles brought into the dealership for the first time that we could duplicate this issue so from
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october we investigated, found out it, in fact, was an issue and not isolated. we put the vehicles on stop sale. we stopped production. we developed a "fix," and now we are taking care of the situation. >> neil: but a lot of folks are toyota lovers for quality and all they could take their buying elsewhere. are you worried? >> we are always worried. but for the last 50 years --. >> neil: but that could erase good well. >> very, very rare and comes on, over a period of time. the car can be stopped. >> neil: why did you take so many models out. >> because each of these models we took out had this pedal in it so there is --. >> could it be a lot more models than you state?
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>> no. no. this is the safety issue. we're a company that is responsible to our customers for the safety of our drivers. it's draconian but the right move as shutting down the production which allowed us to divert resources from our plants to the dealerships to take care of the customers that have downed cars. it was expensive. but it is the right thing to do for our customers. >> neil: and g.m. and ford and chrysler and honda, could they benefit? they will do what they will do. in the long run we have a large reservoir built up with our customers through 50 years of building quality products if we have a problem, and we have had problems, we step up to it and take care of our customers and our customers know that.
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>> the president is scrapping funding for nasa return to the moon, the last man to walk the moon is hopping man. and now, commander, what do you think of this? >> how are you doing? >> neil: by the way, buzz aldrin was fine with this. >> he was fine? he said they should focus on mars. >> but the president is not
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focusing on any space exploration putting it all on the shelf. i think it is a disaster, very shortsighted and it is hard to believe this was much thought put into this part of the budget as far as i'm concerned. they will nil without this mission, gene, and this return to the moon which will be the next big trip for nasa, what is nasa left with? >> i don't know, it leaves out of space exploration business and into splais -- into the space exploration which is not showing much in the way of results. when we look at the future we talk about jobs, education, small businesses, technology, leadership in the world. we're talking about not only losing the jobs we have but losing the jobs that would have been created. and they're not simply nasa, but they are in the private sector and so many of them are small business jobs.
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the technology gained this your generation when you grew up, the enthusiasm it generated and the technology, you know, look at our hospitals. the energy sector. the communications world. we are now living and using evolved technology that came from that period of time. >> neil: when i watched you as a kid, sorry to say that you are not that much older, but you were the last guy to walk on the moon and i remember you singing on the moon and i thought, then, well, he is a brilliant guy, a hero, but he shouldn't sing. then i am watching you in awe and thinking, man, i didn't know then what i know now you might very well be the last man to walk on the moon for quite a few years. >> i'm not a prophet but i left
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i said god willing, we shall return with peace and hope for all mankind. now, not many people remember that particularly the president, i suppose. but i guess people say, what do we get out of going to the moon? if the president is going to take this country to bankruptcy, we ought to have something to show for it. and the least we can do is give our kids something to look forward to to aspire them, to dream, to do things they didn't think were possible. that's why i'm sitting here today. i started with a dream. look where it took me. >> neil: but others will say, been there, done that, now set our sights on other things -- mars, or what have you. i'm for going for mars. going to the moon, i think, we can discuss and debate the benefits of going to the moon before going to mars but if we head in that direction it's
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certainly all right with me. i don't have a problem with that. but staying home is just not good enough anymore. not for future generations. to hang their hat on. education. we talk about education. you can put a book in front of a child and unless he÷ is inspird to read the book he is not going to. it is the inspiration, a legacy of the wright brothers that inspired all of us to reach further with all that is possible. that is what going back to the moon and mars is about. >> neil: but not with this budget.
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♪ we give you peace of mind. i have diabetes like a lot of us here, so we understand. compassion. patience. you'll find it anytime you call. our customers say we're number one. plus, they're grateful we're located in the us, where we also manufacture... the accu-chek aviva meters and test strips. americans carinfor americans. that makes us proud. accu-chek customer care born in the usa. >> they say actions spook louder than others but budgets speak cloudser because with a budget words don't matter. but numbers do. the numbers of the president's budget sound different than the president's words. the president says he is tired of "business as usual," but the budget is business as usual. you and not say you are serious about accounting the deficit
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when the budget shows you are not serious about cutting spending. that is business as usual the saying you are cutting the budget by $1.3 trillion over 10 years but leaving out $1.1 trillion comes from taxing and not trimming, that is business as usual. and bragging about $250 billion this spending cuts and leaving out the detail that is $25 billion in multitrillion budgets each year -- that is "business as usual." saying you will get those laughable cuts when your own party cannot agree on trimming $20 billion by consolidating 640 government program is "business as usual." saying you are serious about bringing in congress, is not business as usual when you cannot. and skilling an anl am to take the increase that congress budgeted to itself is "business
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as usual." you cannot say you are better than the predecessor you cannot stop blaming if you play the same games you vowed to stop. assuming robust growth we will likely never do better and that is business as usual. it is one thing that makes nasa going back to the moon and think you are being brave and another to push a budget that takes us to the twilight zone. that is nothing but a joke. tonight on fox business network, thumb numb's former republican governor, the man who was chief of staff under the first president bush on why independents across the country will not buy into there president's budget and the cynicism continues on all, one hour from now on fox business network which if you are not


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